Colombo Port recognized as the world’s fastest-growing port in Q1 2024
PMD: Secretary to the Ministry of Ports, Naval, and Aviation Services, K. D. S. Ruwanchandra, emphasized that Alphaliner, a prominent research publication in the shipping industry, recognized Colombo Port as the world’s fastest-growing port in the first quarter of 2024 due to its remarkable operational performance and 23.6% growth rate.
He added that the port generated an income of USD 50 million in the first quarter of 2024, emphasizing that the various trade union actions taken in the past did not impede this progress.
Addressing a press briefing held under the press briefing series titled “Two Years of Progress and Way Forward”, held at the Presidential Media Centre (PMC) recently, Secretary to the Ministry of Ports, Shipping, and Aviation Services further elaborated;
“To begin with, I would like to highlight the significant progress in the operational performance of the Colombo Port, which achieved an impressive growth rate of 23.6% in 2024. As a result, Alphaliner, a leading research publication in the shipping industry, recognized the Colombo Port as the world’s fastest-growing port in the first quarter of 2024. We accomplished this progress despite various trade union actions, which did not hinder our operations.
In 2023, the Sri Lanka Port Authority reported a profit of $ 100 million, and in just the first quarter of 2024, it has already made a profit of $ 50 million.
All four terminals have significantly contributed to these operations, with on-going efforts to enhance their operational capacity. Construction of the Eastern Container Terminal (ECT) and the Western Terminal is in progress, with the Western Terminal expected to begin operations in February 2025.
Additionally, development work is underway at the Eastern Terminal and Northern Port. Meanwhile, development projects are being carried out at Trincomalee, Galle, and Kankasanthurai ports. A passenger ferry service from India operates every Friday using the newly constructed terminal building at the Kankasanthurai Port.
OSL take:
Sri Lanka’s maritime industry, especially the ports, shipping and logistics sectors, is on a steady growth path with the potential of further growth and expansion with the country’s target of becoming a hub in the South Asian region. The recognition of the Colombo Port as a fast-growing port is indicative of the overall expansion in Sri Lanka’s maritime industry. In-turn, it also indicates the expanding business/investment opportunities in the country’s maritime industry. The Sri Lankan government is also invested in further developing the country’s ports sector by commencing development programmes in all key ports located island wide. This too has opened a host of new business/investment opportunities in the maritime industry. With Sri Lanka located closely to the international shipping lanes, the country serves as an ideal destination for foreign businesses/investors to engage with regard to business operations in the maritime industry.